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Abstract [en]

Online investment advisors, recommender systems in the finance domain, are becoming more common as a low-cost alternative to human financial advisors. However, little is known about how online investment advisors are perceived by users with low financial expertise, who would arguably be the most vulnerable target group. In a qualitative test, novice users with a low income were found to distrust the advisory system and financial markets in general, to possess too little financial literacy to be able to understand the system’s advice, and to feel unmotivated and pessimistic regarding the benefits of investing.